The Financial Services Institutions Bureau (FSIB), a body under the central government, has recommended Challa Sreenivasulu Setty as the next Chairman of the State Bank of India (SBI). This recommendation comes as the current Chairman, Dinesh Khara, is set to retire on August 28, 2024.
CS Setty brings 36 years of experience at the SBI, making him one of the senior-most contenders for the role. His tenure at SBI has seen him oversee critical areas, including managing the ₹1.49 lakh crore stressed assets portfolio during the peak of the bad loan cycle in 2018.
Reports indicate that other contenders for the role included Ashwini Kumar Tewari and Vinay M Tonse. Additionally, the fourth managing director, Alok Kumar Choudhury, is set to retire at the end of June.
The FSIB, responsible for appointing senior executives to public sector financial institutions, has been entrusted with the task of recommending the next SBI chairman. This appointment marks a significant transition for the leadership of one of India’s largest public sector banks.